NDIC reassures depositors, highlights enhanced insurance limits at Abuja Trade Fair

The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to safeguarding depositors and maintaining financial system stability, disclosing that its enhanced insurance coverage now protects over 98 percent of depositors across insured financial institutions in the country.

The Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Oludare Sunday, made this known on Wednesday while delivering his keynote address during the NDIC Special Day at the ongoing 21st Abuja International Trade Fair, organized by the Abuja Chamber of Commerce, Industry, Mines and Agriculture (ACCI).

Speaking on the theme of this year’s fair, “Resilience: Trade, Taxation and the Economy,” Sunday noted that the corporation’s mandate directly supports the Federal Government’s vision of building a robust economic structure and achieving a $1 trillion economy by 2030.

He emphasized that a trusted financial system is vital for safeguarding working capital, facilitating payments, and expanding investments for businesses and households.

Highlighting milestones achieved to strengthen public confidence, the NDIC boss recalled the 2024 upward review of deposit insurance coverage. Under the revised limits, the maximum insured sum was raised to ₦5 million per depositor per Deposit Money Bank (DMB) and Mobile Money Operator (MMO), and ₦2 million per depositor per Microfinance Bank (MFB), Primary Mortgage Bank (PMB), and Payment Service Bank (PSB).

Sunday explained that the corporation has evolved from a traditional claims payer into a proactive “Risk Minimizer” leveraging modern technology. Through the integration of Bank Verification Numbers (BVN), the Single Customer View (SCV) framework, and NIBSS infrastructure, verified depositors of failed banks now receive their insured funds within days, eliminating the delays of manual processing. For balances exceeding the insured limits, he assured that the NDIC continues to disburse liquidation dividends from recovered assets and debts.

Addressing the public, Sunday issued a warning against patronizing unlicensed fund managers and Ponzi schemes, urging Nigerians to keep their funds exclusively in licensed financial institutions regulated by relevant authorities.

He also spotlighted the corporation’s recent digital strides, including the launch of its upgraded website on September 19, 2026.

The platform features an automated claims-processing system, an upgraded directory of insured institutions, a one-click Quick Action Bar, and an AI-powered virtual assistant designed to streamline user interactions.

He encouraged depositors to ensure their account details are consistent and properly linked to their BVNs to facilitate seamless transactions.

The NDIC Chief concluded by urging the public to embrace financial literacy as a primary defense against financial fraud, inviting participants and visitors at the trade fair to explore the NDIC Pavilion for guidance on deposit insurance, claims processing, and consumer protection.